Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.034%

Price spread now: Katana Perps against Ondo Perps−0.043%7-day average −0.046% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.079%+$8 on $10k

Price spread, last 7 days+0.142%+$14 · spread now −0.043%, 7d avg −0.046%

Together, before fees+0.221%+ Points / potential airdropOndo Perps: Active · farm board+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	92.640	0.0022	pay 0.0003% / 1h	25m 08s	$697K	$1.1M	10x
Short	Katana Perps HYPE-USD	92.600	0.0099	get 0.0099% / 8h	4h 25m	$38K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Ondo PerpsbpFee Katana PerpsbpOrdersPrice spread, now −0.043%Rate

Funding earned: $16.11
Price spread: −0.043% → −0.046%: $0.25
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $7.57
Costs to cover: 0.088%
Break-even: 3.7 days

Slippage unknown: Ondo Perps: no order-book sample; Katana Perps: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Ondo Perps no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Ondo Perps and Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	−0.0948%	1h	92.574	−0.071%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.630	−0.011%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0213%	1h	92.594	−0.050%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.610	−0.032%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.670	+0.032%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.699	+0.064%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	+0.037%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.692	+0.056%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.718	+0.084%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.Plong	+0.0022%	1h	92.640	long leg	$697K	$1.1M	10x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0024%	8h	92.693	+0.057%	$12.5M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.680	+0.043%	$110K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0033%	4h	92.664	+0.026%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.667	+0.029%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	+0.013%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0051%	8h	92.660	+0.022%	$316.4M	$281.9M	75x	as long as short
Gate HYPE_USDT	+0.0080%	4h	92.660	+0.022%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	92.665	+0.027%	$113.5M	$304.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.674	+0.037%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.680	+0.043%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.682	+0.045%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.672	+0.035%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	92.600	−0.043%	$38K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.629	−0.011%	$6.4M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.690	+0.054%	$2.02B	$666.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.684	+0.048%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.665	+0.026%	$371.9M	$903.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.369%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.680	+0.043%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.667	+0.029%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.657	+0.018%	$224.6M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.660	+0.022%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.013%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	+0.029%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.687	+0.051%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.632	−0.009%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.718	+0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.685	+0.049%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.667	+0.029%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.670	+0.032%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.639	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.681	+0.044%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.837	+0.213%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.656	+0.017%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.695	+0.059%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	92.611	−0.031%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.590	−0.054%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.710	+0.076%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	92.727	+0.094%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.693	+0.057%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.702	+0.067%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.748	+0.117%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.668	+0.030%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0408%	1h	92.775	+0.146%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.704	+0.070%	$3.1M	$6.4M	20x	as long as short